BMI View: Headline GDP data continue to suggest that Greece is on the mend. This is being driven largely by an improvement in net trade, which is positive from the perspective of economic rebalancing. However, we continue to stress that the rebalancing process is suboptimal given that the improvement in net trade comes largely from import compression rather than more substantial gains in export competitiveness. Going forward, we maintain that the recovery will be weak and drawn out, with the risk of a further deterioration in eurozone demand posing a significant threat to our medium-term forecasts. Therefore, although our outlook for consumer spending is now marginally better than it was a few months ago, there are still inherent challenges that need to be overcome and this is a recovery in confidence and spending that is still arguably at an embryonic stage.